New York has recently enacted several significant real estate laws affecting various aspects of property transactions and tenant rights. Here’s an overview of the key changes:
1. Written Buyer Representation Agreements
As of August 18, 2024, buyers in New York State are required to sign a written agreement with a real estate broker before touring a home, whether in person or virtually. This agreement outlines the broker’s compensation and clarifies the relationship between the buyer and the broker. Notably, the terms of these agreements, including commission rates, are negotiable. spectrumlocalnews.com
2. Fairness in Apartment Rental Expenses (FARE) Act (NYC)
Enacted in December 2024, the FARE Act prohibits landlords from passing the fees of brokers they hire onto prospective tenants. This means that if a landlord engages a broker to list a rental property, the landlord is responsible for paying the broker’s fee, not the tenant. The law will take effect 180 days after its enactment. council.nyc.gov
3. Amended Property Condition Disclosure Act
Effective March 20, 2024, the amended Property Condition Disclosure Act requires sellers of residential properties to complete and deliver a Property Condition Disclosure Statement (PCDS) to buyers before signing a contract of sale. The updated PCDS includes new questions related to the property’s flood risk, such as whether the property is in a FEMA-designated floodplain and its history of flood insurance claims. This amendment aims to provide buyers with more comprehensive information about potential risks associated with the property. meltzerlippe.com
4. Good Cause Eviction Law
Enacted on April 20, 2024, the Good Cause Eviction Law affects landlords and tenants by stipulating that landlords can seek to remove a tenant from a residential unit only if there is good cause to do so. Examples of good cause include non-payment of rent (unless the rent is deemed unreasonable), nuisance, and illegal use of the premises. Landlords must obtain a court order to remove a tenant upon a showing of good cause, including removal by non-renewal of lease. news.law.fordham.edu
These legislative changes reflect New York’s ongoing efforts to enhance transparency in real estate transactions and strengthen tenant protections.
This is not legal advice. Please retain council for proper legal advice.
